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>From October 2015 liability falls on whoever is the weakest link in the security chain, so get used to online vendors demanding a lot more personal info from y
by rgbrenner 12y ago
>From October 2015 liability falls on whoever is the weakest link in the security chain, so get used to online vendors demanding a lot more personal info from you so they don't get left holding the bag.
Merchants are already 'holding the bag'... if they accept a fraudulent card for an order, the bank simply reverses the charge (and the merchant eats whatever they lost filling the order). So how does this change anything?
- anigbrowl 12y agoIncorrect. See page 10. http://www.firstdata.com/downloads/thought-leadership/EMV_US.pdf http://www.firstdata.com/downloads/thought-leadership/EMV_US...
- firepacket 12y ago> Currently, POS counterfeit fraud is largely absorbed by card issuers. It's a lie. Why do you think so many stores ask to see ID? From what I've seen, the accepting merchant account is always debited for every chargeback and the card issuers rarely bear any burden from fraud.
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- rgbrenner 12y agoPOS counterfeit fraud is one type of fraud.. but it's hardly all fraud, and it doesn't apply to online transactions (there's no POS involved in an online transaction). If chip and pin gets anywhere in the US, it'll be because of association requirements, not because they've pushed responsibility for one minute type of fraud on to merchants.